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Nonprofits and Complying with Federal Law
Nonprofits and Complying with Federal Law analyzes and assesses the legal environment of nonprofit and charitable corporations. Regulations of these institutions is becoming increasingly complex due to a rise in the number of basic compliance obligations. In certain situations, failure to comply with the legal obligations imposed can result in devastating losses to the organization; including fines and loss of tax exempt status. Nonprofits are increasingly the subject of federal scrutiny and regulations. To some extent, charitable organizations are sleeping giants which have emerged onto the public agenda. There are many reasons for this increased attention. The nonprofit sector is a major area of the economy representing a significant percentage of the gross national product. Nonprofits also appear to or actually do compete with profit making businesses in areas such as bookstores, gift shops, travel tours, and fitness centers. This competition causes for-profit businesses to complain to the Internal Revenue Service and other government regulators. In addition, deductions to charitable organizations result in significant loss of government revenue. Further, there have been several high profile incidents involving nonprofits and their misuse of charitable funds. These disclosures call into question how nonprofits operate, how they use their funds, and how insiders take advantage of their positions of influence. For all of these reasons, the federal regulation of nonprofits is increasing which provides a major impetus for nonprofits to know, respond, and comply with federal law. This book is designed to aid nonprofits in knowing the law, understanding compliance requirements, and in meeting those requirements. Nonprofits and Complying with Federal Law provides an analysis of the federal policies affecting the work of managers, staff, board members, counsel, and volunteers. The manual focuses on the following compliance areas:
Nonprofits and Complying with Federal Law thoroughly explains federal law in a manner uncluttered by minute intricacies. Topics are presented in a common format; showing the purpose of each act; what organizations are affected; the effective date of the act; highlights of the compliance requirements; matters an organization should review to ascertain compliance; how an act is enforced; and compliance agencies. Appendices also contain tax returns and an application for recognition of exemption form, state solicitation laws, useful websites, and case and statutory references. A detailed index provides easy access to federal compliance regulations. |
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